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MANILA, Philippines – MREIT Inc., the real estate investment trust of Megaworld Corp., is set to nearly reach the one million square meter (sq m) mark in gross leasable area (GLA) after signing a deal to acquire 12 commercial properties, its single largest asset infusion to date.
In a disclosure on Friday, MREIT said the proposed acquisition, which forms part of its fifth wave of expansion, covers about 303,500 sq m of GLA. The deal includes lifestyle malls, office buildings and a hotel located across several Megaworld townships.
READ: MREIT posts record Q1 income of P1.25B
Once completed, the transaction will increase MREIT’s total portfolio by 47 percent to around 950,000 sq m from the current 647,000 sq m, allowing the company to achieve its earlier target of reaching nearly 1 million square meters ahead of schedule.
